United States Tariff History: Difference between revisions
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*The US experienced a sole dependence on struggling internalized markets | *The US experienced a sole dependence on struggling internalized markets | ||
*Great Britain dumped cheap goods which were smuggled from New England factories during the war | *Great Britain dumped cheap goods which were smuggled from New England factories during the war | ||
*These goods were sold cheaply in the United States, which hurt the US markets even more | *These goods were sold cheaply in the United States, which hurt the US markets even more, especially New England-based industries | ||
* | *In response, the US government decided to place a hefty tariff on imported goods to protect US markets | ||
*The average tax rate from the tariff was 20 % | |||
*The Tariff of 1816 set a precedent for future tariffs | |||
'''What About the South?''' | |||
*The south opposed the Tariff of 1816 | |||
*Their economy depended on exporting cotton to nations such as Great Britain | |||
*Increasing average tax rates on tariffs led to less cotton exports | |||
*1824, tariff rates increase on average to 30 % which discourages US imports/exports | |||
'''The Tariff of 1832''' | |||
*Tariff rates continued to increase against the south's displeasure | |||
*Southern states such as South Carolina nullify the tariffs and threaten to secede from the union | |||
*Tension in Charleston, Andrew Jackson | |||
'''Tariff of 1857 & Panic of 1857''' | |||
*The Tariff of 1857 was a response to the Panic of 1857 | |||
*Factors leading to the Panic of 1857 | |||
*Britain's decision to remove funds from American banks | |||
*Astronomical build-up of manufacturing goods in US factories, lay-offs | |||
*Unsuccessful attempts to building the transcontinental railroad system | |||
*The Tariff of 1857 was Pro-south, reflected a downward tariff reform | |||
Revision as of 00:31, 27 April 2006
1800's
During the turn of the century, agriculture dominated the US economy. The US experienced low rates on imported goods (5-10 %) yet high custom duties (80-90 %).
War of 1812
- The war caused poor relations between the United States, Great Britain and France
- In response, the US federal government implemented a stuff excise tax to compensate for debt
Tariff of 1816 The Madison Administration
- The US experienced a sole dependence on struggling internalized markets
- Great Britain dumped cheap goods which were smuggled from New England factories during the war
- These goods were sold cheaply in the United States, which hurt the US markets even more, especially New England-based industries
- In response, the US government decided to place a hefty tariff on imported goods to protect US markets
- The average tax rate from the tariff was 20 %
- The Tariff of 1816 set a precedent for future tariffs
What About the South?
- The south opposed the Tariff of 1816
- Their economy depended on exporting cotton to nations such as Great Britain
- Increasing average tax rates on tariffs led to less cotton exports
- 1824, tariff rates increase on average to 30 % which discourages US imports/exports
The Tariff of 1832
- Tariff rates continued to increase against the south's displeasure
- Southern states such as South Carolina nullify the tariffs and threaten to secede from the union
- Tension in Charleston, Andrew Jackson
Tariff of 1857 & Panic of 1857
- The Tariff of 1857 was a response to the Panic of 1857
- Factors leading to the Panic of 1857
*Britain's decision to remove funds from American banks
*Astronomical build-up of manufacturing goods in US factories, lay-offs
*Unsuccessful attempts to building the transcontinental railroad system
- The Tariff of 1857 was Pro-south, reflected a downward tariff reform
